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<br /> thereon, for the further purpose of making and receiving payment of <br /> the interest thereon (subject to the provisions herein that interest <br /> is to be paid to the person in whose name the Bond is registered on <br /> the Record Date), and for all other purposes, whether or not such <br /> Bond is overdue, and neither the City nor the Paying Agent/Registrar <br /> shall be bound by any notice or knowledge to the contrary. <br /> (b) All payments made to the person deemed to be the Owner <br /> of any Bond in accordance with this Section shall be valid and <br /> effectual and shall discharge the liability of the City and the <br /> Paying Agent/Registrar upon such Bond to the extent of the sums paid. <br /> Section 3.06. Reqistration. Transfer and Exchanqe. <br /> (a) So long as any Bonds remain outstanding, the City shall <br /> cause the Paying Agent/Registrar to keep at the Paying <br /> Agent/Registrar Office a register (the "Register") in which, subject <br /> to such reasonable regulations as it may prescribe, the Paying <br /> Agent/Registrar shall provide for the registration and transfer of <br /> Bonds in accordance with this Ordinance. <br /> (b) Registration of any Bond may be transferred in the <br /> Register only upon the presentation and surrender thereof at the <br /> Paying Agent/Registrar Office for transfer of registration and <br /> cancellation, together with proper written instruments of <br /> assignment, in form and with guarantee of signatures satisfactory to <br /> the Paying Agent/Registrar, evidencing assignment of the Bonds, or <br /> any portion thereof in any integral multiple of $5,000, to the <br /> assignee or assignees thereof, and the right of such assignee or <br /> assignees thereof to have the Bond or any portion thereof registered <br /> in the name of such assignee or assignees. No transfer of any Bond <br /> shall be effective until entered in the Register. Upon assignment <br /> and transfer of any Bond or portion thereof, a new Bond or Bonds <br /> will be issued by the Paying Agent/Registrar in conversion and <br /> exchange for such transferred and- assigned Bond. To the extent <br /> possible the Paying Agent/Registrar will issue such new Bond or <br /> Bonds in not more than three business days after receipt of the Bond <br /> to be transferred in proper form and with proper instructions <br /> directing such transfer. <br /> (c) Any Bond may be converted and exchanged only upon the <br /> presentation and surrender thereof at the Paying Agent/Registrar <br /> Office, together with a written request therefor duly executed by <br /> the registered owner or assignee or assignees thereof, or its or <br /> their duly authorized attorneys or representatives, with guarantees <br /> of signatures satisfactory to the Paying Agent/Registrar, for a Bond <br /> or Bonds of the same maturity and interest rate and in any <br /> authorized denomination and in an aggregate principal amount equal <br /> to the unpaid principal amount of the Bond presented for exchange. <br /> If a portion of any Bond is redeemed prior to its scheduled maturity <br /> as provided herein, a substitute Bond or Bonds having the same <br /> 4327f <br /> -8- <br />